The main index dropped 81.36 points or 1.24 percent to close at 7,041.27 as the Property sector led the retreat although the Mining and Oil counter managed to advance.Volume was still thin at 722 million shares worth P4.26 billion as losers beat gainers 141 to 66 with 40 unchanged.
“Philippine shares started the first trading session in the red amid the recent spike in the daily COVID19 cases seen across the globe, prompting investors to exit their positions,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Following the detection of more Omicron variant cases and the increase of COVID-19 cases after the holiday break, the NCR will implemented a stricter Alert Level 3 beginning today to try and arrest the increasing infections.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse started 2022 on a negative note as investors unloaded positions as COVID-19 risks escalate amid the rise in infections and the detection of more cases in the country with the Omicron variant.” He noted that, “The return of the National Capital Region under alert level 3 status which somehow poses challenges to the region’s and the country’s economy also dampened sentiment.”